Heretofore in the art, numerous types of currency validators or note acceptors have been known. Typically, such note acceptors are either tray acceptors in which the tendered paper is placed in a tray, moved to a test position, and thence scanned by a reticle to detect validity. Other sensors may be provided in such tray acceptors as, for example, to detect the presence or absence of particular colors. Slot acceptors are typically of the nature in which the tendered paper is placed into a slot and then conveyed past the various testing points at which different tests are performed on the paper to determine authenticity. The invention herein deals particularly with tray acceptors.
It is now known in the art that high resolution photocopies may defeat reticle tests in which the presence or absence of a particular pattern is sensed from the note. Similarly, certain photocopies are now capable of defeating the color sensors used in tray acceptors. However, it is known that the ink on valid currency and notes possesses magnetic properties; photocopies typically do not. Therefore, there is a need in the art for a tray acceptor type of validator which is capable of sensing the magnetic properties of the note or, as it is commonly called, the "magnetics" of the note.